Sturgis advertiser. (Sturgis, Dakota [S.D.]) 1887-1???, 1887-12-14
PRESIDENTS MESSAGE.
TARIFF AND Revenue.
,oNDrrtoN or THE TREASURY

To the Congress of the United States:
You are eanffohtsd at the threshold Of your
legislative duties with the condition Of the
national finances, which imperatiyely de-
mands immediate and careful consideration.
The amount Of money annually received
through tho operation af tbs present laws,
Eoin the industries and necessities of the
people, largely exceeds the sum necessary
When $s ssA d stas1 thas tRg theory q our
institutions guarantees to every citizen the
full endowment Of the fruits of his industry
and enterprise, with only such deduction es
cal maintenance, 6f, tbs govsfninsnt which
protects hin, It Is plain that the exaction of
more than this is iIdefensible and culpa-
BILE betrayal Of fairness and justice. This
wrong, inflicted upon those who
bear the burden of national taxation, like
other wrongs, multiplies blood Of evil
The publie treasury, which should only
exist as a sBnduik Conveying The people' i
tribute to the legitimate objects of its ex-
penditure, becomes a boarding place for
money needlessly withdrawn from the trade
and the people use, thus
GRIPPING OUR NATIONAL ENERGIES,
usurping our ccuntry's deyelopment pre-
venting investment III productive enter
prises, threatening disturbance and working
schemes of public plumber.
This condition of our treasury is not alto
gether new, and it has more than once of late
been submitted to the people representa-
a remedy; and yet the situation still con.
tinues with aggravated incidents, more thah
ever presaging financial convulsion and
widespread disaster, Il will not do to neg
lect> this situation, because its dangers are
now palpably Imminent and apparehh They
foresesn atiG unexpected occasion, when sud-
denly they will be precipitated upon US.
On the 30th Of June, 1885, the excess Of
revenue over public expendit after COM
plying with, the annual requirements OF the
sinking fund act Has SIT, $50, 735. 81; dur
ing the year ended June 80, 1886, such ex-
cess amounted to $49, ao5, 545. 20, and during
sum of $55, 567, 849. "a.
The annual contributions to
THE SINKING FUND,
during the three years alone specified,
amounted In the aggregate to $13, sos. $50,
were made by calling In for that purpose
outstanding 2 tef Esnt. bohds of the gov
ernment During the six months prior to
June 80, 1887, the surplus revenue had
grown SO large by repeated accommodations,
and it was feared the withdrawal of this
would SO affect the business of the country,
that the sum of .$79; S64; 100 Of such sur
plus was applied to the payment of the
principal and interest of per cent. bonds
still outstanding, and which were then paya-
BILE at the option of the government.
The precarious condition of financial af-
fairs among the people still needing relief,
,nHio $olx oftor tho g(hb of nm
1887, the remainder, of the 3 per cent. bonds
then outstanding, amounting, with princi-
pal and interest, to the sum of SIS, ST., 800,
were called and applied to the sinking fund
contributions for the current fiscal year.
Notwithstanding the operations of the
treasury department, the presentation OF
DISTRESS IN BUSINESS CIRCLES
not only continued, but increased, and alb
solute peril seemed at hand. In these cir.
cumstances the contribution to the sinking
fund for the current fiscal year was at once
2S3. So In the purchase of government
bonds not yet due, bearing and ~ per
cent interest," the premium paid thereon
averaging "a per cent. for the former, and
8 per cent for the latter.
In addition to this, the interest account
accruing during tho current year upon the
outstanding bonded Indebtedness of the
government was to some extent anticipated,
and banks selected DIS repositories Of public
money were permitted to somewhat in
crease their deposits. While the expedients
thus employed to release to the people the
money lying in the treasury served to avert
immediate danger, our surplus revenues
have
CONTINUED TO ACCUMULATE,
the excess for the present year amounting, on
he first day of December, to $55, 25S, ST. 49,
~ ooti m ofn6 En- oh tho of G11S 01A
300 on the 30th of June next, at which date
Is expected that this sum, added to prior
bCcumulations, will swell the surplus in the
treasury to $40, 600, 900. There seems to
be no assurance that with such withdrawal
from use of the peoples circulating me-
the near future be subjected to the same dis
tress which was quite lately produced from
the same cause, and while the functions of
our national treasury should be few and
simple, and while its best condition would
be reached, I believe, by its entire discon-
nection with the private business interests,
yet when by perversion of its purposes it
the channels of trade, there seems to be
reason for the claims that legitimate
means should be devised by the government
to restore, in an emergency, without
waste or extravaganza, such money
to a. place among the people.
IL SUCH al emergency drlSeS, tutr6 uUW
exists no clear and undoubted
EXECUTIVE POWER OF RELIEF.
Heretofore the redemption of the per
cents. only, which were payable at the op-
ton of the government, has afforded a
means for the disbursement of the excess of
our revenues; but these bonds have all been
retired, and there are no bonds outstand-
ing the payment of which we have the right
to insist upon.
The contribution to the sinking fund,
which furnishes the occasion for expendi-
lures in the purchase of bonds, has been al
ready made for the current year, SO there is
no outlet in that direction. In the present
state of legislation the pretense of any ex-
ecutive power to restore, at this time, any
part of the over-surplus revenues to the
people by its expenditures, consists in the
supposition that the secretary of the treas
ury may enter the market and purchase
the bonds of the government not yet due,
The only provision of law from which such
power could be derived is found in an
appropriation bill passed number of years
ago, and it is subject to the superstition that
il was intended as temporary and limited in
its application, instead of comforting
CONTINUING DISCRETION AND AUTHORITY.
No condition ought to exist which would
Justify the grant of power to single Off
withhold from or release to the business of
the people, in an unusual manner, money
held in the treasury, and thus affect, at his
will, the financial situation of the country;
and If it is deemed WISE to lodge in the Sec
rotary of the treasury the authority, in the
present juncture, to purchase bonds, he
should be plainly vested, and provided, as